The Global and Local Economic Impacts of the War in Ukraine

Instructions

This extra credit assignment is broken into 3 parts and is worth a total of 20 points. Your score will depend on the depth of your answers, your supporting arguments, and the information gathered from credible sources, which you need to properly cite throughout your text entry/submission. 

Please make sure to type your answers in bold, right below their corresponding questions.

Part I. Russia’s invasion of Ukraine has pushed global oil prices to their highest since 2014 and they might rise even further. Discuss the ramifications of higher oil prices for the U.S. economy and the global economy in general. What do higher oil prices mean for you personally? How, for example, could they affect prices of the goods you buy or flights you take?

Part 2. How has Russia’s natural resource base allowed it to become a dominant player in the global economy? Even countries that don’t depend on Russian oil are likely to feel an impact from any disruption to global oil supplies. One means of moderating the rising cost of oil is to produce more. Why is it so difficult to increase production? What does this tell you about U.S. dependency (and that of other nations) on imported oil? How could a move to renewable energy change the geopolitical dynamic?

Part 3. Discuss globalization as it relates to the current situation. How has the world benefitted from the free flows of trade that have allowed Russia to become a major exporter of oil, nickel, and palladium and Ukraine a major exporter of barley, wheat, and corn? What do potential disruptions to those trade flows mean for the global economy? Do you think you’ll experience any direct impact?